Companies often don’t want the risk and overhead of maintaining payroll and HR staff, but are nervous about how to stay compliant. Payroll management is a critical function for businesses of all shapes, sizes, and industries, and it is essential to ensure employees are paid both correctly and on time. Managing payroll doesn’t have to
Tax Advantaged Special Occasion Giving
Spring has sprung and brought with it anniversaries, graduations, weddings, spring birthdays and seasonal holidays, all of which require a gift of sorts, and often times these gifts are monetary. When you make a substantial gift to anyone of cash or property, the IRS takes notice. But the good news is, gifts are excluded from
Short vs Long-Term Capital Gains in Retirement
Taxes directly affect how much of your hard-earned money that you keep, and one of the last things you want to worry about in your retirement years is taxes. A key tax area often overlooked by retirees that deserves your attention is capital gains tax. When making seemingly straightforward financial decisions like selling a stock
Tax Break When Selling a Home
Thinking about selling your home? Your home is considered a capital asset, and as a homeowner, you may be concerned about paying capital gains tax if you do decide to sell. Luckily there is a tax provision known as the “Section 121 Exclusion” that can help you save on taxes following the sale of your
Ten Tips to Getting Your Tax Refund Faster!
It’s the height of tax season and thousands of IRS employees have just been let go, will your refund be delayed? Probably not, the IRS will reallocate workers from other areas to help meet the needs of tax season. Still, put yourself in the best possible position to receive your refund on time with our
Deduction for Medical Expenses
If you have had any medical expenses this year, there may be some relief for you! A deduction exists for medical expenses, and it is often one that taxpayers forget about. Although you will need to itemize on Schedule A to take advantage of this deduction, medical expenses exceeding 7.5% of your AGI (adjusted gross
Schedule K-1 for Partnerships
If you are a partner or shareholder of a firm, you may know that you have to fill out a tax document to report your income, losses, capital gains, dividends, and more for the tax year. This document is the Schedule K-1, and it allows a partner’s earnings to be taxed at an individual rate
For the Self-Employed, Expenses Could Translate into Tax Breaks!
Self-employed folks have expenses they incur yearly in order to do business, so it is important for them to review what can be deducted each year to make their business as profitable as possible. Expenses like a home office, car, health insurance, and even startup costs can get you a big tax break. Did you
A Changing Tax Landscape May Impact Your Portfolio Strategy!
A Republican majority in Washington may bring an extension of key provisions of the Tax Cuts and Jobs Act, but further tax cuts may be difficult in light of fiscal concerns such as a burgeoning budget and shrinking revenue. Due to significant financial impact should certain provisions “sunset,” we are urging clients to have a
Will You Owe Your Nanny a W2 on January 31st?
Wondering whether or not you should give your in-home/live-in Nanny a 1099 or W-2? The answer depends on whether or not the individual in question is self-employed or a household employee. The simple answer is, if you control how the work is performed, the nanny is a household employee. In most cases a Nanny providing
